Our country's trade surplus in the first 5 months reached nearly 10 billion USD, but the global economic recession also affected many economic indicators in the first 5 months of the year.
Announcement of 5-month socio-economic report
Today (May 29), the socio-economic indicators for May and the first 5 months of the year were announced by the General Statistics Office, in which the brightest spot was the increase in trade and service activities compared to the same period last year.
In the first five months of the year, total retail sales of goods and consumer services revenue increased by 12.6% over the same period last year, contributing significantly to economic growth. Although industrial production in May increased by 2.2% over the previous month, overall the first five months of the year decreased by 2% over the same period last year.
The main reason is the impact of the global economic recession, domestic orders and exports decreased. Meanwhile, the export turnover of goods decreased by 11.6% compared to the same period last year. However, the trade surplus in the first 5 months still reached 9.8 billion USD; the consumer price index was still controlled at a suitable level with an increase of 3.55%.
Our country's trade surplus in the first 5 months reached nearly 10 billion USD.
Strengthening policy implementation effectiveness
The World Bank representative in Vietnam said that the continuous and stable growth of domestic demand will create the basis for Vietnam's economic growth in the future. When imports and exports fluctuate due to the world economic situation, promoting domestic consumption and public investment will help the economy grow.
Besides, helping domestic enterprises overcome difficulties is the foundation for the economy to recover and be ready for opportunities when the global economy improves.
The government has proposed a 2% reduction in the value-added tax (VAT) rate, applicable to groups of goods and services currently subject to a 10% tax rate. Tax reduction proposals are always eagerly awaited by businesses.
At this time, accompanying businesses will help them overcome some difficulties. But policies also need to be synchronized and have enough time to have a positive impact on the financial activities of businesses.
Strengthening business health will create growth momentum for the economy.
Looking at the health of the business sector, we can see that there are many difficulties. Since the beginning of the year, 88,000 businesses have withdrawn from the market, an increase of 22.6% compared to the same period last year.
In this situation, many policies have been introduced. For example, in the real estate sector, in less than 5 months, there have been 4 telegrams, a series of resolutions and decrees to remove difficulties for businesses, or a series of financial and monetary policies to support businesses to create momentum for development, but the problem here is implementation.
Ms. Do Thi Ngoc - Director of the Department of General Statistics and Dissemination of Statistical Information, General Statistics Office said: "The policies are on the right track but must be strongly promoted and implemented immediately so that businesses can immediately access cheap capital flows."
Business support also requires measuring the absorption level of the economy, especially with monetary policies.
Ms. Dorsati Madani - Senior Economist, World Bank in Vietnam assessed: "In terms of currency, the State Bank of Vietnam has adjusted down the operating interest rate to support the economy. We also think that it will be useful to support businesses and the economy in the future. However, whether or not capital can be absorbed needs to be quantified very specifically, then the cash flow will bring value to support and recover businesses and the economy".
To achieve the GDP growth target of 6.5% this year, the remaining quarters must grow by an average of 7.5 - 8%. This target is very challenging, so each policy, especially for businesses, in addition to being correct and sufficient, needs to be quick and responsive to strengthen business health and create growth momentum for the economy.
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